The share market has lifted in morning trade but remains slightly weaker as investors stay cautious after a turbulent few days.

The market plunged one per cent soon after trade began but quickly recovered some ground and was about 0.5 per cent lower by the early afternoon.

The big banks were relatively steady, with the exception of a one per cent fall by ANZ, while the big miners were slightly weaker.

Property and insurance stocks were the main drag on the market, but many retailers were also weaker.

Telstra was down 1.2 per cent.

KEY FACTS

* At 1230 AEST on Wednesday, the benchmark S&P/ASX200 index was down 27.5 points, or 0.52 per cent, at 5,110.6 points.

* The broader All Ordinaries index was down 25.1 points, or 0.49 per cent, at 5,118.7 points.

* The September share price index futures contract was down 51 points at 5,076, with 48,974 contracts traded by 1104 AEST.

* National turnover was 1.2 billion securities worth $4.2 billion.